Forget About Failing with the Right Market Research Plan
Posted by Andres Aguerrevere on
There’s a lot of ground to cover when starting a business, with marketing being one of the most important parts of it. However, even with the ever-changing nature of the industry there’s one thing that’s remains a rule of thumb: doing marketing research before launching your business. But let’s clarify, what is the purpose of a market research plan? Well, that’s exactly what we want to talk about in this article.
A market research plan is a very important document that delineates vital information related to your business project. We can safely say that many entrepreneurs fail because of their lack of guidance. This is often the step of the market research process in which brands lay solid ground and a path to follow. A well laid out plan is frequently a determining feature of the success you’ll have in the market.
Developing a market research gives organizations the ability to better spot valuable opportunities and to support better decision making based on hard facts (data). In other words, market research is the foundation of successful businesses.
A Pivotal Part of your Marketing Plan
As a matter of fact, brands usually count marketing research plans as one of the first additions in their budgets. This is due to its time and money consuming nature. Although that is completely relative to the brand’s approach on the subject. If you a business expecting to launch soon or looking forward to expand elsewhere, you don’t necessarily need to break the bank so you can conduct a proper market research.
What’s more, a market research plan, similar to a brief, is a vital document that details important information about your market research project. Though it is often an overlooked step of the market research process, an effective plan is often a critical factor in determining whether or not your product will be successful in the market.
The purpose of writing a market research plan is to give you the edge on schedule, budget and desired outcomes from your startup. Also, notice that research plans are not just for you and your team. It has to be transparent to others to make it work thoroughly. It should be done in a way that others can easily grasp the idea as well, like agency partners for instance.
By doing this, you are ensuring that your insight team and partners are all synched and working for the same objective. When you invest time in coming up with a market research plan, you can make sure there’s a guideline that keeps everyone concentrated on high value initiatives, which can help you surpass your competitors by building trust with your audience.
But how can I develop a marketing research plan?
Your brand’s market research plan should clarify the methods with which the product will be introduced into the market, while incorporating various types of market research in order to tackle any possible unseen risks.
Now, we’d like to give you some recommendations to take into account when coming with a market research plan for your business.
Determine what it is you want researched before the moment you embark on a market research. Make it a priority that you define with anteriority where you want your brand to go, your goals with this plan.
Be descriptive about where you are in relation to the market and audience in all aspects. Do you know your position in the market? Do you want to jump into a new one? Do you count with the right resources to do so? What’s your budget regarding time, space and money.
Delineate the research plan question or statement.
Ensure the statement or question is thorough enough as to run research upon it Try to avoid exaggeratedly open question from which answer will be too elusive to your objective. Not doing it can hurt the overall result of the research market plan. This is the backbone of all market researches - the question or hypothesis -
While a descriptive hypothesis can be affirmed or denied, a research question uncovers the answer. Both alternatives must be verifiable and they have to state the variables.
Outline the definition of your proposal and your research design strategy. This part should include the purpose, scope, time period, environment and type of research marketing strategy. You could even add how you’re planning to run survey development.
Design the research study; you can use market surveys, experimentation, sampling, case studies, focus groups, and resources like that to make your design.
Consider using marketing research surveys:
Surveys are an inexpensive and effective way to collect data from your target audience. In fact, they are used as a resource by companies of all sizes. They are used to have factual evidence on whether or not a product can generate buzz in the market or not. You can obtain vital demographic information and from there make your decision safely.
Some of the question you can ask yourself to make a better survey are:
Will it be outbound? Conducted via email, on your web page, face to face?
Do you want to do collect your data all at once or in a determined amount of time?
What type of questions will you use? Open or close?
In order to represent the portion of the market you seek to penetrate, How large do you want the sample to be? And so on..
After all, strengthening your marketing approach with a highly targeted marketing research process will help you get a better understanding your marketplace and how you can approach it to be successful.
Of course, if after conducting your market research plan you will not take action, think about it again. Engage with your business plan because this is a very important part of the success or your brand. Remember there are many alternatives and types of research you can do, they’re relative to the type of business you run.